Remittances from expatriate Egyptians surge 11.1% since pound float

Remittances from Egyptian expats have risen by 11.11 percent during the period between the currency float in November and the end of April, the central bank said in a statement on Sunday.

Naglaa Nozahie, the central bank’s assistant sub-governor economic research, said remittances surged to $9.3 billion in the six months, compared to $8.3 billion in the same period a year earlier.

In April, remittances slightly fell to $1.32 billion, compared to $1.36 billion during the same month last year.

Egyptians working abroad send back billions of dollars a year in remittances, an important source of hard currency after tourism, foreign investment and exports all dwindled amid political turmoil following a 2011 revolt.

Egypt’s central bank floated the pound in November as part of a $12 billion International Monetary Fund lending programme aimed to lure back foreign investment.